Saudi's homo-PP concluded at discount in Indonesia

After lifting homo-PP offers to Indonesia earlier this week by $50/ton compared to late last month, it is reported that a major Saudi Arabia producer has conceded to larger discount in order to close deal. In fact, several parcels from the suppliers are dealt at $1130/ton CIF Indonesia, LC AS term, some $30/ton lower than initial prices.

A market source commented, “We have expected such discount as we think import prices are firming up too quickly while domestic cargoes are not catching up. Demand here is sill slow since end product businesses have yet to revive. We think, temporary, it is very difficult for overseas suppliers to achieve full hike target in Indonesia.”